A bear in Shanghai should be commended, not condemned

by 8:00 PM 0 comments
So reads "Reminiscences of a Stock Operator", by Edwin Lefevre, Books of Wall Street, 1980, on page 297. The investigation [of Xiao Jinhua] is said to be focused on manipulation that contributed to panic selling during the 2015 market rout. - SCMP, February 2The law punishes whoever originates or circulates rumours calculated to affect adversely the credit or business of individuals or corporations... But how is the public protected against the danger of buying stocks above their real value? I tell you this to make the point that no speculator, however clever, is consistently cleverer than the market.

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